Canada's Enbridge Pledges $6.2 bn for Updating Pipelines

Canadian oil pipeline leader Enbridge announced Friday a $6.2 billion investment to update its North American network, promising to increase capacity and build a new pipeline to the U.S.

"This $6.2 billion investment rounds out our suite of major crude oil new market access initiatives for North American markets," said Enbridge chief Al Monaco in a statement.

"These market access initiatives reflect changing North American supply and demand fundamentals and will create significant value for our customers," he added, noting that the plan was made after consulting with oil producers.